Major Bitcoin Whale Is Moving More Than $120 Million In BTC
Crypto tracking platforms are often the most accurate place to get information about where certain investors are moving their funds. More specifically, people are looking to find out where one particular whale might be taking a major chunk out of the biggest cryptocurrency in the market.
Whales are a term that refers to individuals who have invested huge amounts into a specific asset, and this term is not exclusive to the crypto space either. These whales hold a lot of sway in the market since they are moving from one cryptocurrency to another can cause waves throughout the industry.
Therefore, when news breaks out that a whale is now moving their funds from one crypto to another, everyone wants to know where they are going next. In the most recent event, a whale is currently moving their funds from Bitcoin and is instead taking them somewhere else.
Despite industry experts trying to speculate where this money could go, they still did not know who the whale was or what their motive was. Therefore, they could only speculate as to where the rest of this money could be going.
Other Whales Leaving
Oddly enough, Bitcoin losing over 123 million in a single transaction was not the only hit; the company saw various investors making massive withdrawals. While it could difficult to qualify them as whales, they were still investors who had a lot of money in their accounts.
In the second instance of a whale leaving, one of the investors put in a withdrawal of 5,444 BTC, which they sent to a completely different wallet. The third transaction was by a different investor who managed to take out 969 BTC tokens, which are equivalent to $18.7 million and transferred them to a different unknown wallet.
Very Low Transaction Costs
One of the major issues with this entire situation is that investors were able to withdraw their money, but the fact that they had to pay pennies to extract millions was very low for the exchange.
The $123 million transaction only cost a measly $1.19 at the time of processing. Due to a lack of proper regulation, investors can easily remove their funds and not properly compensate the firm itself.
Whales from Other Exchanges are leaving too
One of the biggest concerns that most investors had now was that some whales from one platform were leaving. However, according to further information, various other crypto exchanges are also seeing plenty of whales leave.
FTX saw one of its investors transfer 1,108 BTC to an anonymous wallet on Tuesday, bringing the entire transaction worth $22 million.
With all of these crypto exchanges having their whales leave, this is not a move that inspires a lot of confidence.